Useful information on a variety of topics
Here is a brief introduction from a structural engineer specialized in the restoration of houses, farm houses and historic houses in Le Marche.
Today, when restoring a farmhouse, there are various standards and requirements that have to be satisfied such as energy saving, acoustic and seismic. This means that the roof, the first floor ceiling and the walls must be insulated, that an acoustic mattress must be placed within the floors and weight distribution must be properly managed (rigid floors, ties and beams etc.)
Another important structural requirement regards the foundations, because they are often superficial and damaged by external humidity. Furthermore, good insulation on the ground floor requires an excavation of circa 40 cm so that small plastic igloo-like structures can be inserted so creating an area where the circulaltion of air is allowed.
Moreover, the ground floor is originally often used as a deposit or stable and if made habitable must have an internal height of at least 2.7 meters.
Finally it is not always a good idea to knock down the whole building because walls are often in good condition and have interesting architectural appeal.
Ing. Vitale Grisostomi
In order to help understand what the costs of restoring a farmhouse are, we have included an example of an actual restoration of a farmhouse carried out in 2005 but updated with the current building costs (as published in the official Marche Regional Price List for Work and Building Materials - BUR 2006).
The farmhouse in question, which cost circa €1.150/sqm to restore, like so many to be found in the Marche countryside, had the following characteristics:
The external brick walls were sandblasted and a modern annex was rendered.
Digging and 55sqm of paving
Geologist (sampling and report)
The Benefits of Fractional Ownership
Fractional Ownership is a simple way to buy a share in a luxury holiday home. It is a tried and tested formula and the legal structure for this development has been created by specialist law firm Howard Kennedy in London.
Fractional Ownership provides a real alternative to whole ownership. It is a growing market and now considered to be a financially astute way of purchasing overseas property. Fractional Ownership allows a number of buyers to collectively own a property, which is professionally managed and maintained, sharing all the costs. You own your share forever, this is not timeshare.
As a lifestyle investment, fractional ownership makes sense. Owners are investing in ‘bricks and mortar’ and an asset that can be passed on to your family. On average, a traditional holiday home owner only uses their property for 40 separate nights (approximately 5 weeks) – but pays for the whole year, whereas fractional owners don’t have the financial burden of maintaining the property all year round, as the running costs are shared between owners - making fractional ownership a truly affordable option.
When members wish to sell, gift or transfer their membership it is a simple and straight forward process and can be executed from overseas. The purchase does not involve the complexity, or cost, of transferring property under the Italian legal and tax system.
Owners may buy a 1/10th interest (or more if they desire) which incorporates a right over the common areas (the communal gardens, swimming pool, tennis court, olive groves, lavender plantation and vineyard) and annual residency of five weeks each year.
In simple terms: ‘The Members own the Company - the Company owns the property.’